LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the industrial gases market in Europe is projected to grow to USD 79.61 billion by 2021, at a CAGR of more than 6% over the forecast period.
This research report titled ‘Industrial Gases Market in Europe 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Industrial gases are a group of either elemental gases or chemical gases which play a vital role in shaping the modern manufacturing scenario. They are required for various processes right from the extraction of raw materials to the manufacturing of metals, chemicals, and consumer goods. They are imperative components of many global businesses, ensuring a steadily increasing cash flow to the market.
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Based on the end-users, the report categorizes the industrial gases market in Europe into the following segments:
- Manufacturing sector
- Chemical processing sector
- Metallurgy sector
- Medical and healthcare sector
- Food and beverage sector
- Refining sector
- Electronics sector
- Other end-use sectors
The top three revenue-generating end-user segments in the industrial gases market in Europe are discussed below:
“The industrial gases market in Europe for the manufacturing sector was is expected to reach USD 6.61 billion by 2021. The sector encompasses applications in the metal manufacturing, glass manufacturing, paper and pulp, and automotive industries,” says Hitesh Bhatia, a lead analyst at Technavio for industrial gases research.
Some of the prominent industrial gases utilized by the manufacturing sector include oxygen, nitrogen, hydrogen, and helium. Oxygen is widely used for applications such as plasma cutting and laser cutting use oxygen. Nitrogen is mainly used in combination with other gases to manufacture automotive parts such as mufflers, frames, and other components.
Chemical processing sector
The industrial gases market in Europe for the chemical processing sector is expected to grow swiftly at a CAGR of nearly 7% over the forecast period. Gases such as nitrogen, oxygen, carbon dioxide, hydrogen, and helium are largely used to manufacture chemical products and intermediates.
Nitrogen is mainly used for its inert nature, which is useful while carrying out while carrying out processes such as blanketing, sparging, purging, and pressure testing. Carbon dioxide is another key gas used in chemicals as a gas sweetening agent. It is used to manufacture soda ash, syngas, and urea.
“The metallurgy sector occupies a significant portion of the industrial gases market in Europe, due to its wide array of applications in the segment. Industrial gases are mainly used in the steel, aluminum, and cast-iron industries,” says Hitesh.
Industrial gases are used for thermal treatments and melting and degassing applications for both ferrous and non-ferrous production. Nitrogen, oxygen, and argon are in high demand from the metallurgy sector. Argon is used to stir molten metal and for the ejection of trace carbon and nitrogen in the steel production sector.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Air Liquide
- Air Products and Chemicals
- The Linde Group
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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